Sold May 2022
Sale Price: $3,950,000
Cap Rate: 3.481%
Escrow Length: 17 Days
- Nationwide Record - Lowest cap rate ever recorded for a fee simple, single tenant, Starbucks (Per Costar)
- Multiple backup offers
- Quick escrow with all cash buyer - 17 day total escrow
Please reach out for more information:
Tom Chichester / tom@BLVDreic.com / 714-318-3955
Nick D'Argenzio / nick@BLVDreic.com / 818-281-7893
BRAND NEW STARBUCKS ON EXTRA LARGE LOT / LONG-TERM FUTURE VALUE
- The property is a full size (2,400 SF) drive-thru and sit down Starbucks restaurant, on nearly a full acre
- Most Starbucks are on 1/2 an acre approx, allowing for future upside at this site
STRONG NATIONAL TENANT / INVESTMENT GRADE: STARBUCKS CORPORATION (NASDAQ: SBUX; S&P BBB+
- Corporate lease (NASDAQ: SBUX; S&P: BBB+)
- Starbucks is one of the “world’s most admired companies” by fortune (2009-2021)
- Largest coffee chain globally with over 32,000 stores in 80 countries
- Starbucks recently announced plans to open 22,000 locations to bring its massive store count to 55,000 by 2030.
NEW 10 YEAR NNN LEASE / EASE OF MANAGEMENT / IDEAL 1031 EXCHANGE OPPORTUNITY
- The property features a brand new 10 year lease, with 4 (5-year) options to extend.
- Scheduled 10% rental increase every 5 years, giving the investor strong and consistent cash flow growth, and also hedges against inflation
SURROUNDED BY NEW RESIDENTIAL DEVELOPMENTS
- 23 new Residential developments currently under construction in the area (over 4,000 new homes) and over 100,000 residents in a 3-mile radius
MAIN RETAIL HUB / LEGACY LOCATION / DESTINATION AT GLENDALE ENTERTAINMENT DISTRICT
- Legacy real estate investment located in the hottest area in metro Phoenix
- Directly across from the Glendale Entertainment District, Brand new Tesla Center, and the Cardinals State Farm Stadium
- Adjacent tenants include Jack in the Box, Raising Cane’s, Barro’s Pizza, Red Robin, Burros and Fries, Twisted Sugar, Then Burger and Sports clips, etc.
PHOENIX, ARIZONA IS NATIONWIDE LEADER FOR SEMICONDUCTOR MANUFACTURING INDUSTRY
- In May 2020, Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chipmaker, chose Phoenix as the site for a new $12 billion production facility.
- Last March, Intel announced it would build a $20 billion project that includes two microchip factories in Chandler. “There’s billions of dollars that will go to TSMC, Intel, other companies to build these fabrication facilities,” US Senator, Mark Kelly said of the bill.
- The TSMC and Intel projects have drawn multiple other companies involved in the production of semiconductors to the Phoenix area.
- Once completed, the TSMC plant in Phoenix, will bring high-paying jobs for Arizonans, thousands of them, starting at really high salaries,” Kelly Said. “But the biggest part of this is it brings back semiconductor manufacturing to the United States.”